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WTW Upgrades Hawaiian Coral Reef Parametric Insurance Policy *Centurion Insurance AFS*

Feb 16, 2024 (0) comment , , , , , , , , ,

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WTW and The Nature Conservancy (TNC) announced the purchase of a new coral reef insurance policy that expands coverage around the main Hawaiian Islands and increases payouts after qualifying storms.

This replaces the first U.S. coral reef insurance policy purchased in 2022.

Hawaii’s new parametric policy adds 314,976 square miles to the coverage area to capture more storm events, with a maximum payout of $2 million total over the year-long policy period and $1 million per storm. The minimum payout has doubled to $200,000 and is triggered when tropical storm winds of 50 knots or greater occur in the core of the coverage area.

TNC developed the new policy with WTW and selected an insurance company of the Munich Re Group from seven bids.

Hawaii’s reefs are considered essential to the state’s economic wellbeing and are the islands’ first line of defense during storms, reducing up to 97% of wave energy. Coral reefs provide flood protection to people, property and jobs, valued at more than $836 million, and contribute more than $1.2 billion through reef-related tourism to the economy each year, according to the parties involved.

WTW is a global advisory, broking, and solutions company. The Nature Conservancy is a nonprofit environmental group.

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Willis Towers Watson

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